QatarEnergy acquires 23% stake in Egypt’s North El-Dabaa Block

QatarEnergy has acquired a 23 per cent working interest in the North El-Dabaa (H4) Block, located in the Mediterranean Sea offshore Egypt, following an agreement with Chevron.

Under the terms of the agreement, Chevron will retain a 40 per cent interest as the operator, while Woodside holds 27 per cent, and Tharwa Petroleum Company, an Egyptian state-owned firm, holds a 10 per cent stake in the block.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, emphasised the strategic significance of the move “This agreement demonstrates our commitment to Egypt’s oil and gas sector and strengthens our valuable partnership with Chevron.”

Attribution: QatarEnergy

Subediting: M. S. Salama